By Mark Pazniokas, CT Mirror
Connecticut’s congressional delegation turned Tuesday to the business of dissecting, explaining and, yes, taking a little credit for the second-largest relief measure ever passed by Congress, a bipartisan $908 billion pandemic relief measure unexpectedly attacked by President Donald J. Trump.
The state’s two U.S. senators, Democrats Richard Blumenthal and Chris Murphy, drove back to Connecticut after a late-night session Monday to deliver a carefully calibrated celebration of the compromise bill and a withering critique of Senate Majority Leader Mitch McConnell, R-Ky., who refused to take up previous measures passed by the House Democratic majority.
Everything in the new stimulus bill: $600 stimulus, $300 unemployment checks, more
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Little snow boots of all colors line the entryway of Little Acorns Academy. A walk through the hallway reveals plant-themed names for each classroom: Acorns, Sprouts, Seedlings, Saplings, Oaks.
Itâs lunchtime, but the smell of fresh paint â not food â wafts out of the empty kitchen. The children are eating in their classrooms due to COVID-19 precautions.
Director Fiona Wilson visits a classroom where the children show off the various meals their parents packed and sing her a new song to the tune of âIf Youâre Happy and You Know It.â
âWhen Iâm eating at the table, Iâm polite,â they sing in unison, followed by two claps.
The fine print in a 5,593-page spending bill: tax breaks and horse racing
By Luke Broadwater, Jesse Drucker and Rebecca R. Ruiz New York Times,Updated December 23, 2020, 6:43 a.m.
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Speaker of the House Nancy Pelosi walked to her office at the Capitol in Washington, on Monday.STEFANI REYNOLDS/NYT
WASHINGTON â Tucked away in the 5,593-page spending bill that Congress rushed through Monday night is a provision that some tax experts call a $200 billion giveaway to the rich.
It involves the tens of thousands of businesses that received loans from the federal government this spring with the promise that the loans would be forgiven, tax free, if they agreed to keep employees on the payroll through the coronavirus pandemic.
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Earlier this year, the Internal Revenue Service (IRS) issued guidance in Notice 2020-32, Rev. Rul. 2020-27, and Rev. Proc. 2020-51 and held that expenses funded by a Payroll Protection Program (PPP) loan that is forgiven could not be deducted. While the CARES Act provided that the loan forgiveness itself did not create income to the borrower, the CARES Act did not specifically comment on whether expenses associated with a forgiven PPP loan could be deducted. We previously commented on the deductibility issue and suggested that Congress needed to address this issue, particularly since businesses may have relied on the ability to deduct the expenses as part of their PPP loan versus employee retention credit analysis.
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